The hacker took $40 million or 7000 BTC. Binance had a chance to recover these funds.
Truth is that reorgs are not prevented by the Bitcoin protocol, but instead by the social, legal, and political reality of the Bitcoin community.
The main criticism of Ethereum is now valid too for Bitcoin.
In July 2016, Ethereum reversed a $50 million hack of the DAO smart contract.
The DAO hack blockchain reversal could also happen on Bitcoin.
The Binance episode shows us that the Bitcoin protocol is not only protected by technology, but also by political consensus.
Our project is to open academies to train hackers able to work on projects which are critical to crypto's survival but don't have direct financial reward.
"Bitcoin is based off technological consensus" they say.
Last year at Bitcoin's peak of $20k, I called that the project was heading for failure.
We need the wikis, exchanges, markets, currency, financial instruments, political decision-making tools and much more - all of them dark and p2p.
All of It Dark, All of It P2P: After the Binance Hack, Bitcoin Doesn't Cut It
Publié le May 10, 2019
by Coindesk | Publié le Coinage
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